Money View Personal Loan Interest Rates 2021

Money View Personal Loan interest rate starts at 1.33% per month. Salaried as well as self-employed individuals can avail a personal loan up to Rs. 5 lakh from Money View. In the following sections key aspects relating to Money View personal loan interest rate including its method of interest calculation, factors affecting interest rate, ways to get low interest rates are discussed :

Money View Personal Loan Interest Rates

Money View offers personal loans at an attractive interest rate starting as low as 1.33% per month or 16% p.a. However, personal loan interest rates applicable to a specific applicant depend upon factors such as applicant’s profile, loan amount and tenure desired, etc. Also, the interest payable by a particular applicant is based on the assessment of his/her spending patterns by the company’s algorithm.

Money View Interest Rate for Different Types of Loans

Currently, Money View does not categorize its personal loans on the basis of applicant type or end-use. Hence all Money View personal loans feature interest rate starting from 16% p.a. onwards.

Money View Reducing Balance vs Flat Rate Interest Calculation

Calculating interest using the flat rate or flat balance method implies that interest is calculated on the entire loan principal amount throughout the tenure of the loan, without taking into account the portion of principal that has already been paid. Thus this calculation method does not take into consideration the fact that monthly EMIs gradually reduce the outstanding loan principal amount.

On the other hand, the reducing balance method involves calculating interest only on the outstanding loan principal every month. Thus, the interest payable decreases as the outstanding loan amount decreases every month. Therefore, even though reducing balance interest rates are slightly higher than flat balance interest rates, you might actually save on the total interest payout of the loan over the loan tenure. Money View uses the reducing balance method to compute the total interest payable on a personal loan.

EMI Calculation Using Reducing Interest Rate

The table below gives a sample of EMI calculations taking different loan amounts, tenures and interest rates into account and using the Paisabazaar personal loan EMI calculator that uses the reducing balance interest method:

EMI Calculation Using Flat Interest Rate

The table below gives a sample of EMI calculations using flat interest rate taking different loan amounts, tenures and interest rates into consideration:

Money View Personal Loan Interest Calculation

Money View personal loan interest rate starts at 16% p.a. The following table depicts a sample of the total interest payout, total amount repaid and the proportion of interest in total amount repaid for different loan amounts, tenures and interest rates.

Money View Interest Rate Comparison

The table below gives a comparison of the key features of a personal loan from Money View with other top lenders in India:

How to Get Low Interest Rates on Money View Personal Loan?

The following tips could help you avail a lower rate of interest on your Money View personal loan:

• Timely payment of your credit card dues and EMIs
• Try and maintain a high credit score (750 or above)
• Reduce your existing debt
• Have a stable history of employment
• Having a good existing relationship with the lender

Factors Affecting Interest Rates

Some key factors which affect Money View personal loan interest rate are given below:

• Age of the Applicant: Generally, as the applicant’s age increases, the interest rate on the loan also increases. This is so because, as the person gets closer to his/her retirement the possibility of an increase in the income level of the applicant decreases.
• Credit Score: Credit Score is a 3 digit numeric representation of a person’s credit history and helps prospective lenders assess his/her credit-worthiness. A good credit score (750 or above) indicates responsible credit behaviour and good repayment track record. Therefore, a good credit score increases the chances of approval of your personal loan and may also result in the applicant being charged a lower rate of interest on personal loans.
• Loan Amount and Tenure Desired: An increase in the loan amount and tenure usually leads to an increase in the interest rate charged by the lender and vice versa.
• Employment Details: The nature of employment of the applicant- whether he/she is salaried or self-employed, also affects the interest charged by the lender. Having a stable job and history of employment can enable you to secure a lower rate of interest on personal loans.
• Income Level: Applicants with higher incomes are often charged a lower rate of interest on personal loans as they are perceived to have a better repayment capacity and are less likely to default on repayments. However, a higher rate of interest is charged on personal loans from applicants with lower annual incomes as they pose a relatively higher risk of default to the lender.

FAQs

Q1. What is Money View personal loan interest rate per annum?

Money View personal loan interest rate starts at 16% p.a. However, specific interest rate applicable to an applicant besides other factors is based on the assessment of his/her spending patterns by the company’s algorithm.

Q2. Can non-salaried individuals avail a personal loan from Money View?

Yes, non-salaried or self-employed individuals can also avail a Money View personal loan provided they have a minimum monthly income of Rs. 25,000.

Q3. What is the minimum amount that I can borrow on a personal loan from Money View?

Money View offers personal loans ranging between Rs. 5,000 to Rs. 5 lakh, provided you meet the eligibility criteria.

Q4. How can I repay my Money View personal loan?

Money View personal loans can be repaid in easy EMIs within a tenure ranging between 12 to 60 months.

Q5. What is the processing fee charged on Money View personal loan?

Money View charges a one-time processing fee on its personal loan.  The Money View personal loan processing fee starts from 2% of your loan amount and is deducted from the loan amount before Money View transfers the funds to your bank account.

Q6. How long does Money View take to disburse its personal loans?

Once the loan is approved, the loan amount is disbursed to your account within 24 hours.